Capital Fisheries granted US$6.4 million capital injection

Private equity manager EXEO Capital has announced a US$6.4 million investment into fish distributor Capital Fisheries, driven by the market prospects for the line of business in Zambia and the company’s proven business model.

The investment was made by EXEO Capital’s Agri-Vie Fund II – a private equity fund focused on food and agribusiness investments in Sub-Saharan Africa.

“Capital Fisheries already has a large market share in fish distribution in Zambia. The company’s innovative model of wholesaling frozen products from reconfigured, refrigerated shipping containers placed permanently at markets, small shopping centres and areas where people congregate, has been tremendously successful,” EXEO partner Kennett Sinclair pointed out.

Capital Fisheries’ Zambian founding shareholders Damian Roberts and Gavin Thomas, stated that consumer spending was expected to accelerate the company’s current growth.

“Zambia’s population is forecast to grow at 2.8 percent per annum to 2030, with an urbanisation rate of 4.8 percent per annum. We plan to double our wholesale depots and the supporting cold-chain logistics over the next two years,” the shareholders stressed.

In this context, Sinclair pointed out that all the ingredients necessary for excellent further growth prospects for this company are present and said more than half of the animal protein consumed in Zambia consists of fish.

Capital Fisheries sells fish, sustainably harvested in Zambia, Zimbabwe and Namibia, and more recently has added smoked fish as well as different cuts of Zambian beef and sausages. The value-added products are processed in a fish and meat plant in Lusaka.

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